External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

ADNOC Logistics & Services ( ADNOCLS EQUITY)

<ul><li>ADNOC Logistics &amp; Services reported 4Q24 profit of USD180mn, up 9% YoY (+3% QoQ) taking FY24 profits to USD756mn, up 22% YoY.</li><li>The result was in line with our estimates. The management recommended 2H24 dividend of AED0.068/share. </li><li>In 4Q24, higher profits YOY were led by higher contribution from EPC contract which compensated the impact from softer shipping rates towards the end of the year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ADNOC Logistics &amp; Services reported 4Q24 profit of USD180mn, up 9% YoY (+3% QoQ) taking FY24 profits to USD756mn, up 22% YoY.The result was in line with our estimates. The management recommended 2H24 dividend of AED0.068/share. In 4Q24, higher profits YOY were led by higher contribution from EPC contract which compensated the impact from softer shipping rates towards the end of the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOCL&S 4Q24 (+3% QoQ): To USD180mn; 2H24 DPS AED0.068, in Line with Estimate